Algorand (ALGO) price strengthens as institutional investors back the project

Consolidation periods tend to follow strong rallies, but they also present a good opportunity to study the field and evaluate projects that have strong fundamentals.

One project that continues to gain ground in terms of price recovery and network adoption is Algorand (ALGO), a pure blockchain proof-of-stake (POS) network that has secured new partnerships and real-world use case applications, as well as medium. of multi-million dollar funds in recent weeks.

Large funds invest in projects based on Algorand

Fundraising is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $ 100 million in funding intended to help accelerate further development across all the facets of the smart contract platform.

This development occurred immediately after June 2 ad that Borderless Capital, a venture capital firm, had created a $ 25 million fund intended to support Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet Raises Nearly $ 60 Million in Crypto in Regulated Offering

New partnerships attract investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects in a variety of sectors that have come together as part of the Algorand community to take advantage of the low-fee POS environment.

The non-fungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow the minting of NFT, as well as the launch of a bridge by Curvegrid that will allow companies to incorporate NFT and blockchain technology. in your business. and consumer mobile applications.

Other recent examples of adoption include a partnership with Bermuda-based healthcare payment solution MAPay, which will host its payment solution on the Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered Eros Now users.

These new partnerships come after a busy year for the network that also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem.

The growing list of network partnerships and investments by players in traditional finance suggests that ALGO is well positioned to see future growth as the blockchain sector sees continued adoption and the cryptocurrency market recovers from its recent strong. correction.

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